摘要
金融危机爆发后,"投资者付费"评级机构由于其相对独立性和客观性,被赋予提高评级市场公信力的期望。本文利用2008~2016年发债企业主体评级和债券发行数据,考察了我国首家"投资者付费"机构——中债资信的评级,对评级市场信息质量的影响。研究发现,中债评级是否覆盖同一受评对象对其他机构评级高低无影响,这与国内外现有文献的研究结论不同。但是,中债评级释放了其他机构评级质量的信号,在中债评级与其他机构评级存在较大差异的情况下,投资者会利用中债评级信息对债券定价进行调整,说明"投资者付费"模式有助于改善评级市场的信息质量。
Since the global financial crisis broke out in 2008, the “investor-paid” rating agencies are expected to improve the credibility of credit rating market because of its relative independence and objectivity. Using data from 2008 to 2016 on non- financial firms’ ratings and bond issuances, this paper analyses the impact of “investor-paid” ratings on the information quality of the rating market. The results show that, the “issuer-paid” rating level has not changed following the “investor-paid” agency’s rating coverage. This is inconsistent with the results of the existing researches. However, the “investor-paid” ratings can provide quality signal of the “issuer-paid” ratings, and when the difference between the two is big enough, investors may adjust the bond issuing price by using the “investor-paid” ratings. In other words, the “investor-paid” model helps improve the information quality of the rating market.
作者
阮永锋
徐晓萍
刘音露
Ruan Yongfeng;Xu Xiaoping;Liu Yinlu
出处
《证券市场导报》
CSSCI
北大核心
2019年第5期58-65,77,共9页
Securities Market Herald
基金
国家社会科学基金重点项目"科技型中小企业融资征信特质研究"(15AZD059)
上海市软科学研究计划项目"上海科创中心建设中科技金融政策构架研究"(16692111902)
亚洲开发银行(与中国证监会)合作项目"PRC Innovative Small&Medium-sized Enterprise Bond Financing and Investor Protection Mechanism"(TA-8461)
关键词
投资者付费
发行人付费
信用评级
信息质量
“investor-paid” rating
“issuer-paid” rating
credit rating
information quality